Shiba Inu Offers $23,000 Bounty Following $2.4 Million Shibarium Bridge Hack

Shiba Inu's decentralized finance platform has offered a bounty worth 5 Ether ($23,000) to hackers who exploited its Shibarium layer-2 network bridge for $2.4 ￰0￱ DeFi team sent an onchain message to the attackers on Monday, requesting the return of stolen digital ￰1￱ bounty offer includes a 30-day deadline with decreasing rewards after seven days. K9 Finance stated that the settlement becomes final when the recovery function is ￰2￱ protocol emphasized that code governs the agreement once the attacker accepts the ￰3￱ Inu developer Kaal Dhairya confirmed that authorities have been contacted regarding the ￰4￱ development team remains open to negotiations with the perpetrators while investigating the security ￰5￱ Exploit Drains Millions in Assets Saturday's attack targeted the Shibarium bridge through compromised validator signing ￰6￱ actors executed a flash loan to purchase 4.6 million Bone ShibaSwap ￰7￱ purchase granted them majority validator control over the ￰8￱ attackers then signed fraudulent transactions to transfer funds from the ￰9￱ exploit drained approximately $2.4 million in various digital currencies from the protocol's ￰10￱ teams, including Hexens, Seal 911, and PeckShield, are assisting with the ongoing ￰11￱ collaborative effort aims to identify vulnerabilities and prevent future attacks on the network ￰12￱ developers responded immediately by pausing stake and unstake functions across the ￰13￱ team transferred stake manager funds to a hardware wallet secured by multisignature ￰14￱ emergency measures protect remaining user assets from additional exploitation ￰15￱ emphasized that network security restoration represents the team's primary ￰16￱ asset protection remains the top priority throughout the recovery ￰17￱ development team continues monitoring the situation ￰18￱ Prices Drop Following Attack The exploit triggered significant price declines across the Shiba Inu ecosystem ￰19￱ dropped from $0.0000145 to $0.0000131, representing a 7% ￰20￱ decline reflects investor concerns about network security vulnerabilities.

K9 Finance's KNINE token experienced a 10% drop, falling from $0.00000287 to $0.00000257. ShibaSwap's BONE token suffered the largest impact with a 38% ￰21￱ prices fell from $0.31 on Sunday to $0.19 at current trading ￰22￱ Shibarium attack follows another recent security incident involving THORChain co-founder John-Paul ￰23￱ investigator ZachXBT reported that Thorbjornsen lost $1.35 million through a Telegram meeting call scam on ￰24￱ incidents highlight ongoing security challenges facing decentralized finance protocols and individual crypto ￰25￱ attacks demonstrate the importance of robust security measures and user education in cryptocurrency.